Marico Reports Strong FY26 Audited Results; Board Recommends Rs. 4 Final Dividend Per Share
Marico Limited's Board approved audited FY26 results on May 5, 2026, with consolidated revenue from operations rising to Rs. 13,611 crore and net profit at Rs. 1,813 crore. Standalone net profit grew to Rs. 1,941 crore from Rs. 1,519 crore. The Board recommended a final dividend of Rs. 4.00 per share and scheduled the 38th AGM for August 6, 2026. Key acquisitions during FY26 included majority stakes in 4700BC, Cosmix, and full ownership of True Elements.

*this image is generated using AI for illustrative purposes only.
Marico Limited's Board of Directors, at its meeting held on May 5, 2026, approved the audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. The Board also recommended a final equity dividend of Rs. 4.00 per equity share of Re. 1 each for FY25-26, subject to shareholder approval at the ensuing 38th Annual General Meeting. The statutory auditors, B S R & Co. LLP, issued their audit reports with an unmodified opinion on both standalone and consolidated financial results.
Key Board Decisions
Alongside the financial results, the Board approved several significant resolutions at its meeting, which commenced at 12:30 p.m. and concluded at 1:45 p.m. on May 5, 2026.
| Decision: | Details |
|---|---|
| Final Dividend | Rs. 4.00 per equity share of Re. 1 each |
| Dividend Record Date | Thursday, July 30, 2026 |
| Dividend Payment Deadline | On or before Saturday, September 5, 2026 |
| 38th AGM Date | Thursday, August 6, 2026 at 9:00 a.m. IST |
| AGM Mode | Video Conferencing and Other Audio-Visual Means |
Consolidated Financial Performance
Marico's consolidated financials reflect strong year-on-year growth across key metrics for the year ended March 31, 2026. Revenue from operations grew to Rs. 13,611 crore from Rs. 10,831 crore in the prior year. Net profit for the year stood at Rs. 1,813 crore compared to Rs. 1,658 crore previously. The following table summarises the consolidated income statement highlights:
| Metric (Rs. in crore): | Q4 FY26 (Audited) | Q3 FY26 (Un-audited) | Q4 FY25 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|---|
| Revenue from Operations | 3,333 | 3,537 | 2,730 | 13,611 | 10,831 |
| Other Income | 60 | 39 | 47 | 204 | 208 |
| Total Income | 3,393 | 3,576 | 2,777 | 13,815 | 11,039 |
| Total Expenses | 2,889 | 3,009 | 2,336 | 11,538 | 8,923 |
| Profit Before Tax | 504 | 567 | 441 | 2,277 | 2,116 |
| Tax Expense | 96 | 107 | 96 | 464 | 458 |
| Net Profit | 408 | 460 | 345 | 1,813 | 1,658 |
| Total Comprehensive Income | 439 | 486 | 330 | 1,880 | 1,584 |
| Basic EPS (Rs.) | 3.04 | 3.45 | 2.65 | 13.62 | 12.59 |
| Diluted EPS (Rs.) | 3.03 | 3.44 | 2.65 | 13.59 | 12.56 |
Net profit attributable to owners for FY26 stood at Rs. 1,762 crore versus Rs. 1,629 crore in FY25, while the share attributable to non-controlling interests was Rs. 51 crore compared to Rs. 29 crore in the prior year.
Consolidated Segment Performance
Marico operates across two reportable segments — India and International. The India segment remained the dominant revenue contributor, while the International segment also delivered meaningful growth.
| Segment Revenue (Rs. in crore): | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|---|
| India | 2,505 | 2,681 | 2,068 | 10,348 | 8,110 |
| International | 828 | 856 | 662 | 3,263 | 2,721 |
| Total Segment Revenue | 3,333 | 3,537 | 2,730 | 13,611 | 10,831 |
| Segment Results — PBT & Interest (Rs. in crore): | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|---|
| India | 366 | 428 | 322 | 1,661 | 1,550 |
| International | 199 | 206 | 159 | 813 | 711 |
| Total Segment Results | 565 | 634 | 481 | 2,474 | 2,261 |
| Less: Finance Cost | 17 | 14 | 12 | 53 | 53 |
| Less: Unallocable Expenditure (net) | 44 | 53 | 28 | 144 | 92 |
| Profit Before Tax | 504 | 567 | 441 | 2,277 | 2,116 |
Standalone Financial Performance
On a standalone basis, Marico reported revenue from operations of Rs. 9,402 crore for FY26 versus Rs. 7,680 crore in FY25. Net profit for the standalone entity rose to Rs. 1,941 crore from Rs. 1,519 crore in the prior year. The standalone results for FY25 have been restated to account for the integration of Apcos Naturals Private Limited (Just Herbs) as a common control business acquisition.
| Metric (Rs. in crore): | Q4 FY26 (Audited) | Q3 FY26 (Un-audited) | Q4 FY25 (Audited, Restated) | FY26 (Audited) | FY25 (Audited, Restated) |
|---|---|---|---|---|---|
| Revenue from Operations | 2,205 | 2,461 | 1,889 | 9,402 | 7,680 |
| Other Income | 166 | 177 | 148 | 987 | 589 |
| Total Income | 2,371 | 2,638 | 2,037 | 10,389 | 8,269 |
| Total Expenses | 1,975 | 2,130 | 1,631 | 8,130 | 6,404 |
| Profit Before Tax | 396 | 508 | 406 | 2,259 | 1,865 |
| Tax Expense | 60 | 67 | 89 | 318 | 346 |
| Net Profit | 336 | 441 | 317 | 1,941 | 1,519 |
| Total Comprehensive Income | 333 | 443 | 318 | 1,937 | 1,520 |
| Basic EPS (Rs.) | 2.61 | 3.41 | 2.44 | 15.00 | 11.73 |
| Diluted EPS (Rs.) | 2.60 | 3.40 | 2.44 | 14.97 | 11.71 |
Consolidated Balance Sheet Highlights
Marico's consolidated total assets grew to Rs. 10,075 crore as at March 31, 2026, from Rs. 8,332 crore as at March 31, 2025. Total equity stood at Rs. 4,494 crore versus Rs. 4,266 crore in the prior year. Cash and cash equivalents at the end of FY26 were Rs. 404 crore, up from Rs. 321 crore at the end of FY25.
| Balance Sheet Item (Rs. in crore): | March 31, 2026 | March 31, 2025 |
|---|---|---|
| Total Non-Current Assets | 4,215 | 3,255 |
| Total Current Assets | 5,860 | 5,077 |
| Total Assets | 10,075 | 8,332 |
| Total Equity | 4,494 | 4,266 |
| Total Non-Current Liabilities | 1,480 | 1,611 |
| Total Current Liabilities | 4,101 | 2,455 |
| Total Liabilities | 5,581 | 4,066 |
| Cash and Cash Equivalents | 404 | 321 |
Consolidated Cash Flow Summary
On a consolidated basis, Marico generated net cash from operating activities of Rs. 2,084 crore for FY26, compared to Rs. 1,363 crore in FY25. Net cash utilised in investing activities stood at Rs. 722 crore, while net cash utilised in financing activities was Rs. 1,279 crore. The net increase in cash and cash equivalents for FY26 was Rs. 83 crore, with closing cash and cash equivalents at Rs. 404 crore.
| Cash Flow (Rs. in crore): | FY26 (Audited) | FY25 (Audited) |
|---|---|---|
| Net Cash from Operating Activities | 2,084 | 1,363 |
| Net Cash from Investing Activities | (722) | (621) |
| Net Cash from Financing Activities | (1,279) | (649) |
| Net Increase in Cash & Cash Equivalents | 83 | 93 |
| Opening Cash & Cash Equivalents | 321 | 228 |
| Closing Cash & Cash Equivalents | 404 | 321 |
Key Corporate Developments
Several strategic transactions were completed during FY26 that have shaped the Group's current structure. During the quarter ended June 30, 2025, Marico acquired an additional 8.8% equity stake in Satiya Nutraceuticals Private Limited (Plix) on a fully diluted basis, taking its total stake to 60%. HW Wellness Solutions Private Limited (True Elements) was made a wholly owned subsidiary effective October 17, 2025, following the acquisition of the balance 46.02% equity capital. The business undertaking of Apcos Naturals Private Limited (Just Herbs) was vested in the Company on a going concern basis effective October 1, 2025, pursuant to voluntary liquidation. During the quarter ended March 31, 2026, the Company acquired a 93.27% equity stake in Zea Maize Private Limited (4700BC) effective January 29, 2026, subsequently increasing its stake to 94.02%. Additionally, a 60% equity stake in Cosmix Wellness Private Limited (Cosmix) was acquired effective February 5, 2026.
| Acquisition: | Entity | Stake Acquired | Effective Date |
|---|---|---|---|
| Plix (incremental) | Satiya Nutraceuticals Pvt Ltd | 8.8% (total: 60% fully diluted) | Q1 FY26 |
| True Elements | HW Wellness Solutions Pvt Ltd | Balance 46.02% (total: 100%) | October 17, 2025 |
| Just Herbs (integration) | Apcos Naturals Pvt Ltd | Business undertaking (voluntary liquidation) | October 1, 2025 |
| 4700BC | Zea Maize Pvt Ltd | 93.27% (total: 94.02%) | January 29, 2026 |
| Cosmix | Cosmix Wellness Pvt Ltd | 60% | February 5, 2026 |
Company Background and Market Position
During FY25-26, Marico recorded a turnover of ₹136.1 billion (USD 1.5 billion) through its products sold in India and chosen markets in Asia and Africa. The company's domestic portfolio includes brands such as Parachute, Saffola, Hair & Care, Parachute Advansed, Nihar Naturals, Mediker, Pure Sense, Coco Soul, Revive, Set Wet, Livon, Beardo, Just Herbs, True Elements, Plix, Cosmix and 4700BC, touching the lives of 1 out of every 3 Indians. The overseas consumer products portfolio contributes approximately 24% of the Group's revenue, with international brands including Parachute, Parachute Advansed, HairCode, Fiancée, Herbsindia, Purité de Provence, Ôliv, LASHE Superfood, Candid, Caivil, Hercules, Black Chic, Code 10, Ingwe, X-Men, Thuan Phat and Isoplus.
Historical Stock Returns for Marico
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.89% | +2.57% | +6.02% | +12.53% | +11.70% | +75.19% |
How will Marico's aggressive acquisition strategy in the health and wellness segment (Plix, Cosmix, 4700BC) impact its overall margin profile and return on capital over the next 2-3 years?
Given the sharp rise in current liabilities from Rs. 2,455 crore to Rs. 4,101 crore, what are the potential refinancing risks and how might rising interest rates affect Marico's debt servicing capacity?
With international operations contributing approximately 24% of revenue and showing strong growth, which new geographies or markets is Marico likely to target for expansion in FY27?


































